Pensioner Loses Almost RM700,000 In Cryptocurrency Scam
The pensioner thought it was an investment on a legitimate platform and was promised high returns, but it was all a lie.
Subscribe to our FREE Newsletter, or Telegram and WhatsApp channels for the latest stories and updates.
In a heartbreaking story out of Kuching, a pensioner in his early 70s has lost nearly RM700,000 after being cheated by an online cryptocurrency investment group.
The victim came across an advertisement on Facebook for the scheme and was later contacted by a man named ‘Cheong Sheng Hee’ via WhatsApp.
The victim was added to a WhatsApp group and attended an online class on how to invest in cryptocurrency through an app called Yomaex.
Feeling confident in his investment, the pensioner made two bank transfers totalling about RM697,000 to a company to withdraw profits from the crypto investment.
But as the days went on, the victim realized something was wrong when he could not withdraw the profits and was asked to transfer an additional RM355,000 to the company.
It was then that he realized he had been scammed.
Sarawak police warn the public to be cautious of cryptocurrency scams
The case is now being investigated for cheating under Section 402 of the Penal Code.
Sarawak Police Commissioner Datuk Mohd Azman Ahmad Sapri advised the public to only invest in investment platforms recognized by Bank Negara Malaysia and the Securities Commission.
This sad story warns all investors to be cautious when investing in cryptocurrency and only to trust reputable sources.
During this difficult time, our hearts go out to this pensioner and his family.
READ MORE: Scam Alert: PDRM Logo Used to Trick Malaysians into Paying Fake Traffic Fines
READ MORE: Friendship Over Finances: Netizen Refuses To Lend RM30k To Friend Caught In Investment Scam
Investors beware: Land of cryptocurrency scams
Malaysia has seen a rise in cryptocurrency scams in recent years.
In one case, a syndicate behind a cryptocurrency scam was busted after promising investors returns of up to 15% and even engaging foreign “speakers” to fool victims.
Another case involved a 67-year-old retiree in Tanjung Malim who lost over RM700,000 in a cryptocurrency investment scam.
More recently, nine individuals were arrested over an online crypto investment scam.
In response to these scams, authorities have arrested individuals involved in fraudulent online cryptocurrency investments and advised the public to only invest in platforms recognized by Bank Negara Malaysia and the Securities Commission.
Investors must be aware of the risks involved in cryptocurrency and only trust reputable sources.
Kadang2 bila kita bagi awareness kt Socmed tentang scammer Crypto, ramai yang tak endah.
— Bicara-Krypto (multichain) (@BicaraKrypto) June 13, 2023
Now biar enforcer yang amik tindakan. Saya akan bantu pihak berkuasa tangkap scammer Crypto di Malaysia.
Yang promote platform scam MLM Crypto you should be very careful now. pic.twitter.com/DVKVS0oxwJ
Share your thoughts with us via TRP’s Facebook, Twitter, Instagram, or Threads.
